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Mon 12 Apr 2010 12:38 PM

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NBK increases Boubyan stake to 47%

Bourse data shows the country's largest lender has raised its stake in the Islamic bank.

NBK increases Boubyan stake to 47%
BANK STAKE: NBK got approval last month to increase its stake in Boubyan to a maximum of 60 percent. (ITP Images)

National Bank of Kuwait, the country's largest lender, has raised its stake in Islamic lender Boubyan Bank to 47 percent, bourse data showed on Monday. NBK had received the Kuwaiti central bank's approval last month to raise its 40 percent stake in Boubyan to a maximum of 60 percent. The approval is valid for three months, starting March 22.

NBK, the biggest shareholder in Boubyan, has been boosting its Islamic banking business. Last month, NBK's shareholders approved a 10 percent capital increase through a rights issue to fund expansion.

Boubyan bank, which complies with Islam's ban on interest, competes with larger rival Kuwait Finance House and Kuwait International Bank. (Reuters)

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